Allianz O&G insurer

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zdrk10
Posts: 4
Joined: Mon Apr 26, 2010 2:59 pm

Allianz O&G insurer

Post by zdrk10 »

Just ran across this. Seems to me if you want to stop oil and gas development and infrastructure, just cut off the ability of O&G companies to obtain insurance. I sure hope their are other Insurance companies that can take Allianz place and do not hate oil and gas companies. Allianz is not doing the world any favors at a time when the world needs all the oil and gas it can possible get.------------------------------------ by Tyler Durden
Friday, Apr 29, 2022 - 02:15 PM
The Allianz Group, one of the world's largest insurers and asset managers, published a statement Friday detailing how it will no longer insure and invest in new oil and gas fields starting in 2023. This comes at the worst possible time for extremely tight oil markets as Russian production drops due to hard-hitting Western sanctions, igniting fuel shortages in Europe, the US East Coast, and other parts of the world.

Allianz said it won't offer new single-site and stand-alone property insurance and casualty insurance coverages (and renew existing contracts after July 1, 2023) and will halt new funding for exploration and development of new oil and new gas fields (upstream), construction of new midstream infrastructure related to oil, construction of new oil power plants, and projects in the Arctic.

The new guidelines come as the company is "accelerating the deployment of its climate strategy and has announced new ambitious commitments in both its core business and operations ... limit the greenhouse gas emissions (GHG) deriving from Allianz's sites and activities in over 70 markets to net-zero by 2030, instead of 2050 as originally planned."
Fraser921
Posts: 2955
Joined: Mon Mar 22, 2021 11:48 am

Re: Allianz O&G insurer

Post by Fraser921 »

Turn off electricity to Allianz.

These idiots like to enhance their ESG credentials by putting out public statements.

My favorite was a French utility that said they wouldn't buy US fracked ng when it was 3.00 bucks. Now they are paying 50 from wherever they can get it

My 2nd favorite is NY pension fund manage that declared they wouldn't invest in energy and sold off his position just days before a 50 % upsurge in energy. They avoid that gain and took it up the arse when they deployed proceeds into hi tech. How did that work out for teachers and firefighters?
Last edited by Fraser921 on Fri May 06, 2022 9:47 pm, edited 1 time in total.
allen46
Posts: 128
Joined: Wed May 05, 2010 10:44 pm

Re: Allianz O&G insurer

Post by allen46 »

Thanks for posting this!
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